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Preparing Entries and interest Schedule for Long Term Note Receivable; Effective interest Method On April ofer 1, Mountain Company sold merchandise and received a $45.600, three-year, noninterest-bearing note The mark trate is 10% Mountain Company has a March 31 year-end. Use the effective Required Prepare entries for Mountain Company on April 1 of Year 1, and March 31 of year 2 Year 3 and Date M114 Account Name ******

Preparing Entries and interest Schedule for Long Term Note Receivable; Effective interest Method On April ofer 1, Mountain Company sold merchandise and received a $45.600, three-year, noninterest-bearing note The mark trate is 10% Mountain Company has a March 31 year-end. Use the effective Required Prepare entries for Mountain Company on April 1 of Year 1, and March 31 of year 2 Year 3 and Date M114 Account Name ******

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Urmila ben 

Preparing Entries and interest Schedule for Long-Term Note Receivable; Effective interest Method On April 1 of Year 1, Mountain Company sold merchandise and received a $45,600, three-year, toninterest-bearing note The market rate is 10% Mountain Company has a March 31 year-end. Use the effective interest method to amortize any discount Required Prepare entries for Mountain Company on April 1 of Year 1, and March 31 of year 2, Year 3, and Year 4. Note: Round answers to the nearest whole dollar Date Apr 1 Year Mr. 31 Yard Mar 31 Yaa Account Name Tresantteratunots.
Transcribed Image Text:Preparing Entries and interest Schedule for Long-Term Note Receivable; Effective interest Method On April 1 of Year 1, Mountain Company sold merchandise and received a $45,600, three-year, toninterest-bearing note The market rate is 10% Mountain Company has a March 31 year-end. Use the effective interest method to amortize any discount Required Prepare entries for Mountain Company on April 1 of Year 1, and March 31 of year 2, Year 3, and Year 4. Note: Round answers to the nearest whole dollar Date Apr 1 Year Mr. 31 Yard Mar 31 Yaa Account Name Tresantteratunots.
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